Cyber-fraud in banks is usually when credit card and debit card data, or internet banking information is stolen. However, these crimes could just as easily be products of an ATM or an internet banking platform opening up a door to hackers who can then steal from the bank.
Gujarat recorded the fifth-highest number of financial cyberfrauds in India during the previous fiscal year. Maharashtra came in first place with 26,522 cases totaling 67 crore rupees. It’s interesting to note that Gujarat is the only one of the top five states where cyber fraud charges rose in 2020–21.
Banks in Gujarat are making efforts to strengthen the digital banking system to prevent cyber fraud and increase adoption. Bankers also say that users make silly errors when using digital tools for banking, such as not securing/her devices or app and not noting down passwords.
In a cyber fraud incident, Gujarat’s leading textbooks printer lost Rs 26 crore. The fraud was perpetrated by hackers who gained access to the company’s bank account and transferred the money to their accounts. The company has filed a police complaint and is investigating the matter.
The company was tricked into transferring money to a fraudulent account. They are now working with the police to try and get the money back. In the meantime, they have stopped all online transactions and are only accepting cash. The fraudsters used a sophisticated phishing technique to dupe the company into transferring funds to their account. The company was targeted by hackers who managed to steal the money from the company’s bank account.
The fraud was perpetrated by hackers who managed to gain access to the company’s bank account and transferred the money to their accounts. The police are investigating the matter and trying to trace the hackers. In the meantime, the company has urged all its customers to be vigilant against such scams. The con-man approached him with the offer to print textbooks for Tamil Nadu, but instead, he stole 26 million rupees in a “phased” process.
The managing director of a company discovered that their office transferred Rs 26.78 crores to an individual who used fraudulent methods and stopped answering the MDs calls. The MD then tried to find out how this happened and found out that the person could not be found.
The rise in Cyber Fraud Cases
Cyber fraud cases have grown by 80% in the last year. Due to restrictions brought on by Covid-19, which kept many people at home, the frequency of such cases in Gujarat increased by 67 percent in 2020–21.
In the 2020–21 fiscal year, the state’s Scheduled Commercial Banks (SCBs) recorded 4,671 occurrences of cyber fraud, up from 2,803 in the previous year. The Union Finance Ministry informed the Lok Sabha in a written reply that this number was 55 in 2016–17. According to data presented in the lower house of Parliament, the amount involved in these frauds in Gujarat increased from Rs 6.69 crore to Rs 13.36 crore in the fiscal year 2021.
Chandrasekhar said the Centre has implemented several programs to increase the capacity of its defenses against cyber threats. This includes creating mass information security awareness for government officials and providing training for those who want to learn about cybersecurity.
The Centre is prioritizing cyber security, probably because there have been many data breaches in the past year. These include hacks from a popular pizza joint, an airline, and a digital payment platform, among others.